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#1 User is offline   MTP Reggie 

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Posted 08 March 2019 - 08:25 AM

Tax collectors chase rich New Yorkers moving to low-tax states. Auditors inspect cell records, even your dog's vet bills
03/08/2019
Robert Frank
CNBC

<More Denial From democratic Idiots Here>

The cat-and-mouse game between state tax collectors and wealthy New Yorkers moving to Florida has reached new levels ó and gone high tech.

New federal tax laws limiting the deduction of state and local income taxes have created new incentives for wealthy New Yorkers to move to Florida or other lower-tax states. New York Gov. Andrew Cuomo last month blamed wealth flight for the state's $2.3 billion revenue shortfall in December and January.

"Tax the rich, tax the rich, tax the rich," he said. "We did. Now, God forbid the rich leave."

But the New York State Department of Taxation and Finance is making sure that high earners who try to leave don't escape without an audit and a bill. New York conducted about 3,000 "nonresidency" audits a year between 2010 and 2017, collecting around $1 billion, according to Monaeo, a company that sells an app for tracking and proving tax residency.

Chance of audit: 100 percent

More than half of those who were audited lost, and the average collected by New York state between 2015 and 2017 was $144,270 per audit, Monaeo said. In addition to the traditional audit methods the state uses to make sure a taxpayer isn't gaming the system ó like checking taxpayer's credit card bills and travel schedules ó New York is using a whole new set of high-tech tools, including cellphone records, social media feeds, veterinary and dentist records. Auditors are even conducting in-home inspections to look inside taxpayer's refrigerators.

"If you're a high earner in New York and you move to Florida, your chances of a residency audit are 100 percent," said Barry Horowitz, a partner at the WithumSmith+Brown accounting firm. "New York has always been aggressive. But it's getting worse."

Mark Klein, chairman of Hodgson Russ tax attorneys, says his office is now working on about 200 tax-residency audits and the number is growing as more wealthy New Yorkers head for the exits.

"We're seeing a huge uptick in our practice," Klein said. "I'm seeing dozens of extremely high-income individuals actually leaving New York."

Fake moves

New York's tax department declined to comment on its specific audit strategies or numbers. A spokesman said "ensuring taxpayers pay their fair share is a top priority. There our nonresident audit program continues to be very active."

Yet tax advisers and lawyers to the wealthy say the state is going to ever-greater lengths to ensure that tax migrants aren't faking a move to Florida to avoid taxes. The stakes are high: The combined New York city and state taxes now are 12.7 percent, while Florida has no income tax or estate tax. The new federal tax law limits deductions for state and local taxes (known as SALT) to $10,000, making it even more costly for high-earners in high-tax states like New York.

At the same time, New York can't afford to lose many millionaires or billionaires. The top 1 percent of earners pays 46 percent of the state's income taxes, and Cuomo said that "even if a small number of taxpayers leave, it has a dramatic effect on this tax space."

(snip)

<More Denial From democratic Idiots Here>
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#2 User is offline   mjperry51 

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Posted 08 March 2019 - 08:29 AM

I love the small of burning desperation in the morning. . .
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#3 User is online   Noclevermoniker 

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Posted 08 March 2019 - 08:47 AM

Further proof that the statist mind cannot anticipate, nor recognize, the second- and third-order effects of what they wish to impose on America.
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#4 User is online   Wag-a-Muffin (D) 

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Posted 08 March 2019 - 09:04 AM

One of my daughters taught at an international school in China for three years. While she was there, she had her mail delivered to our home in California. Every year at tax time California came after her for a hefty chunk of her earnings in fines because she hadn't filed a State income tax. Every year we had to fight to even talk to someone (it's impossible to be able to speak with an actual person.) "Yes, her mail comes here, but that's because there is no way to forward mail to Chengdu."

This post has been edited by Wag-a-Muffin (D): 08 March 2019 - 09:05 AM

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#5 User is offline   USNRETWIFE 

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Posted 08 March 2019 - 10:16 AM

Quote

Auditors are even conducting in-home inspections to look inside taxpayer's refrigerators.
I had to check and make sure this wasn't the Babylon Bee!

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#6 User is online   Wag-a-Muffin (D) 

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Posted 08 March 2019 - 10:23 AM

View PostUSNRETWIFE, on 08 March 2019 - 10:16 AM, said:

I had to check and make sure this wasn't the Babylon Bee!

That's happening to me more and more lately. Case in point? David Duke Calls Ilhan Omar ĎMost Important Member of the US Congressí I thought for SURE this was a Bee story.
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#7 User is offline   Severian 

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Posted 08 March 2019 - 10:35 AM

Gee, maybe they should build a wall around NY to keep people from leaving? :whistling:
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#8 User is offline   Natural Selection 

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Posted 08 March 2019 - 10:57 AM

View PostNoclevermoniker, on 08 March 2019 - 08:47 AM, said:

Further proof that the statist mind cannot anticipate, nor recognize, the second- and third-order effects of what they wish to impose on America.


You're giving them too much credit. They can't even anticipate, nor recognize, the FIRST order effects of what they wish to impose on America.
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#9 User is offline   Natural Selection 

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Posted 08 March 2019 - 11:00 AM

View PostSeverian, on 08 March 2019 - 10:35 AM, said:

Gee, maybe they should build a wall around NY to keep people from leaving? :whistling:


http://i.postimg.cc/Gpm0rP09/socialism-wall.jpg
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#10 User is online   gravelrash 

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Posted 08 March 2019 - 11:27 AM

View PostSeverian, on 08 March 2019 - 10:35 AM, said:

Gee, maybe they should build a wall around NY to keep people from leaving? :whistling:



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#11 User is online   Noclevermoniker 

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Posted 08 March 2019 - 12:06 PM

View PostSeverian, on 08 March 2019 - 10:35 AM, said:

Gee, maybe they should build a wall around NY to keep people from leaving? :whistling:

The State of Texas will contribute. We don't want them here. It would take EXTREME vetting for them to resettle here.
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#12 User is offline   Squirrel 

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Posted 08 March 2019 - 12:12 PM

Living in tx if we contribute I also want a wall built around Austin and our areas the left already infected
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#13 User is offline   Tikk 

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Posted 08 March 2019 - 12:41 PM

View PostSquirrel, on 08 March 2019 - 12:12 PM, said:

Living in tx if we contribute I also want a wall built around Austin and our areas the left already infected


I'm in. Unfortunately most Texas metropolitan areas are going Democrat as well. Dallas for sure is (D).
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#14 User is offline   Squirrel 

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Posted 08 March 2019 - 12:46 PM

Iím in the burbs north of Dallas. Itís no where near as bat crazy as Austin. But Iím all for a wall around dallas too.
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#15 User is offline   First Sarge 

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Posted 08 March 2019 - 09:44 PM

Look at the idiots we have in Houston
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#16 User is offline   Squirrel 

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Posted 08 March 2019 - 09:58 PM

I work. In dallas. I have a friend that drives in everyday from canton to work. He said he left Houston and wouldnít raise his kid there or Dallas. Iím just too lazy to drive1 1 to 1 and 1/2 hours each way to live in the country.
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#17 User is offline   Novaprime 

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Posted 08 March 2019 - 10:02 PM

Rush has been commenting for YEARS that NY has been auditing him. He can't step foot in NYC without proving he's NOT doing his show from there. I hope that they do this to so many people that it finally sees the light of day how much overreach they are conducting. Sure there are probably some that are doing as the auditors are claiming but you'd think 10 years of audits without finding anything, would cause you to stop wasting resources.
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#18 User is offline   tailgunner 

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Posted 08 March 2019 - 10:15 PM

View PostNovaprime, on 08 March 2019 - 10:02 PM, said:

Rush has been commenting for YEARS that NY has been auditing him. He can't step foot in NYC without proving he's NOT doing his show from there. I hope that they do this to so many people that it finally sees the light of day how much overreach they are conducting. Sure there are probably some that are doing as the auditors are claiming but you'd think 10 years of audits without finding anything, would cause you to stop wasting resources.



https://esd.ny.gov/startup-ny-program

In reverse.
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#19 User is offline   erp 

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Posted 08 March 2019 - 10:39 PM

Hm, where is the Russian graph artist to tell us this is all baseless assertions?
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